Business Planning | Teik Oh

How To Prepare Your Business Plan And Relieve Stress

Oct 13 2020

The Practice of Planning is one of the Six Business Success Factors that successful businesses do well.

The reason that it is such an important ingredient in business success is two-fold.

First, good planning means that the successful business is prepared for anything. The habit of planning for everything allows the business owner to answer questions in everyday tasks such as:

“What do I really want to achieve?”
“What steps do I need to take?”
“What resources do I need and when?”

Second, the fact that you have laid out a clear path to follow, whether in growing your business or in something small and detailed such as hiring a staff member, means that you remove the every-day stress of not knowing what you are doing from time to time.

Knowing what you should do and when you should do it in your daily actions removes stress because you can plan your day and know at every turn what comes next.

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The Practice of Planning

Aug 18 2020

I have identified six things that businesses must do if they are to be successful businesses.

Not all businesses manage to be good at all six things, but all successful businesses – no matter how small – are good at all six things.

These Six Business Success Factors are providing Leadership, good Planning, effective Marketing, Customer Fulfillment, management of Operational Efficiency, and the mastery of its Finance.

This week I’ll discuss the Practice of Planning and how it helps any size business to succeed.

I’ll then set you a challenge that you can undertake over the next 5 days.

It will be fun and more importantly, it will help your business become focused on success.

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Write Your Business Plan In A Day

Jul 14 2020

For “old” readers of this blog, you know that I truly believe that every small business must have a business plan.

The statistics prove it – 80% of small businesses fail within 5 years of starting and of those, less than 10% had prepared a business plan. Businesses don’t plan to fail – they just fail to plan.

Without a business plan, no matter how expert you are in what you do, you will find that you work hard every day without getting any closer to where you want to go.

This is because, without a plan, you have no strategic direction and you have no priorities. Every decision you have to make becomes a time-suck because you have to think about what’s right and what’s wrong every time.

If you had a business plan, you would have your long-term goals established as your strategic direction, you would know what you had to achieve over time, you would know what you had to do next.

Every decision then becomes easy to make as you measure it against your strategic direction – “would this get me closer to my ultimate goal faster or not?”

With the goalposts clearly defined by the business plan and the plan’s detailed roadmap, you will know what is important to work at on a day-to-day basis, what to do, when to do it, and in what order.

No more “what do I do next?”

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Ready To Write Your Own Business Plan?

Jul 07 2020

If you are thinking of writing your business plan using my simple step-by-step process (which is explained below), there are a number of things you need to do to get ready.

The key to a successful – and actionable – business plan is the preparation.

Before you start doing the work, you need to make a few decisions so that when you do the work, you are focused and you don’t have to take side-steps to decide on what to do or what to leave in and leave out.

This is step 1 of my step-by-step business planning process – “Get Ready!”

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Small Business In COVID-19: Business Planning Now More Than Ever

Jun 30 2020

I’ve been talking to some of my clients and some members of my online programs, and it’s hard to see their confusion about what to do in their business today.

Some of them had just started a business, following my program called How To Start Your Own Business before the pandemic stopped them in their tracks.

Others were growing along their business journeys at a good pace, and then COVID-19 caused a big pothole in their journey.

Most of them were still determined to grow successful businesses – the fight hadn’t gone out of them yet!

The one thing they were mostly confused about was their need to plan their way out of the situation.

But if you’re in the same boat, you probably have similar questions about the future so I thought this week I would answer some FAQ’s I’ve been getting from them.

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Category - Business Planning

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How To Prepare Your Business Plan And Relieve Stress

The Practice of Planning

Write Your Business Plan In A Day

Ready To Write Your Own Business Plan?

Small Business In COVID-19: Business Planning Now More Than Ever